Recent Plan News
Nebraska college savings plan is getting a rebrand
Nebraska State Treasurer John Murante announced Friday that the Nebraska sponsored TD Ameritrade 529 College Savings Plan is being rebranded to the Bloomwell 529 Education Savings Plan.According to the State Treasurer's Office, the refreshed plan will remain part of the Nebraska Educational Savings Plan Trust (NEST) and continue to be administered by Treasurer Murante, as Trustee. Union Bank & Trust, the program manager for the Nebraska College Savings Program, will take the place of TD Ameritrade in marketing the plan.Officials said the rebranding will take effect July 23, with a new website debuting the same day. The plan’s investment options will remain the same and no action will be required by account owners or advisors. After the rebranding, account owners will see reduced fees and benefit from the investment expertise of Wilshire Associates. The Nebraska Investment Council will continue to have oversight of the plan’s investments.
N.J. students now eligible for $3K scholarships as state revises 529 college saving plan rules
Students who attend New Jersey colleges are now eligible for a one-time scholarship worth up to $3,000 if their families invest in the state’s 529 college savings plan under revised rules adopted this week.The New Jersey Better Educational Trust Scholarship, known as NJBEST, previously ranged from $500 to $1,500 for students whose families opened college savings accounts in their names. Under the new rules, the one-time scholarships have increased to a minimum of $1,000 and a maximum of $3,000 per student.
OK STABLE Program Tax Deduction Enacted
Oklahomans who save and invest using OK STABLE, the state-sponsored ABLE Act program for people with disabilities, will now be able to deduct contributions from their state taxes, State Treasurer Randy McDaniel announced Thursday (May 14).The tax deduction is identical to the one offered for contributions to the Oklahoma 529 College Savings Plan and will be in effect starting with 2021 income tax filing. The new law allows couples to deduct up to $20,000 in contributions per year from their state taxable income. Single taxpayers can deduct contributions of up to $10,000 per year.